An investment fund managed by SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone brands, has acquired 30 self-storage facilities from five different sellers. The properties comprise 3.1 million rentable square feet in 23,389 units across 11 states. The $250 million purchase was made through SROA Capital Fund VIII LP, bringing its total investments to more than 4 million rentable square feet, according to a press release.
The facilities are in Florida, Georgia, Iowa, Indiana, Maryland, Michigan, Mississippi, Ohio, South Carolina, West Virginia and Wisconsin. The purchase includes 100 percent ownership in StayLock Storage, which SROA acquired earlier this month, as well as other entities, the release stated.
The three-year, floating-rate loan facility with Goldman Sachs was arranged by JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers. The financing covers the property acquisitions as well as expansion projects at existing sites, according to the release.
Based in West Palm Beach, Florida, SROA is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide. It owns and operates 11 million square feet of self-storage at 242 properties across 19 states.